Assume that your parents wanted to have $$120,000$ saved for college by your $18$ th birthday and they started saving on your first birthday. They saved the same amount each year on your birtho

and earned $5\mathrm{.}0\%$ per year on their investments.

a$.$ How much would they have to save each year to reach their goal?

b$.$ If they think you will take five years instead of four to graduate and decide to have $$160,000$ saved just in case, how much would they have to save each year to reach their new goal?

a$.$ How much would they have to save each year to reach their goal?

To reach the goal of $$120,000,$ the amount they have to save each year is $$,($Round to the nearest cent.$)$